# Capital Account Openness and Banking Crisis Prediction

| Variable | Full Sample | Interaction | KAOPEN: Closed | KAOPEN: Mid | KAOPEN: Open |
|:---|---:|---:|---:|---:|---:|
| Z_1 | -0.1589** | -0.1357* | -0.1018 | -0.2088 | -0.1238 |
| | (0.0701) | (0.0709) | (0.1055) | (0.1471) | (0.1279) |
| Z_2 | 0.0216** | 0.0163 | 0.0082 | 0.0271 | 0.0177 |
| | (0.0105) | (0.0108) | (0.0163) | (0.0221) | (0.0190) |
| Z_3 | -0.0008* | -0.0005 | -0.0001 | -0.0010 | -0.0007 |
| | (0.0004) | (0.0004) | (0.0007) | (0.0009) | (0.0008) |
| fiscal_bal_gdp | -0.0002 | -0.0001 | -0.0006 | 0.0004 | -0.0000 |
| | (0.0003) | (0.0003) | (0.0005) | (0.0006) | (0.0005) |
| nfa_gdp_lag | -0.0007 | -0.0007 | 0.0016 | -0.0011 | -0.0016 |
| | (0.0015) | (0.0015) | (0.0034) | (0.0034) | (0.0019) |
| rgdp_growth | -0.0010*** | -0.0011*** | -0.0009** | -0.0006 | -0.0016*** |
| | (0.0003) | (0.0003) | (0.0004) | (0.0007) | (0.0005) |
| kaopen | -0.0016 | -0.0052*** | | | |
| | (0.0012) | (0.0019) | | | |
| Z_1_x_kaopen | | 0.0269 | | | |
| | | (0.0468) | | | |
| Z_2_x_kaopen | | -0.0028 | | | |
| | | (0.0071) | | | |
| Z_3_x_kaopen | | 0.0001 | | | |
| | | (0.0003) | | | |
|:---|---:|---:|---:|---:|---:|
| N | 5489 | 5489 | 2174 | 1295 | 2020 |
| R² | 0.0080 | 0.0094 | 0.0161 | 0.0049 | 0.0093 |
| Countries | 174 | 174 | 112 | 118 | 91 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses. KAOPEN terciles: Closed (≤33rd pctile), Mid, Open (≥67th pctile).*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*